How to Use Time Tracking Reports to Improve Your Business

August 8th, 2014

The contracting industry can be very difficult to manage when there are a number of projects going on and employees to keep track of.

Time tracking reports can provide a level of efficiency and professionalism to your business that will not only assist in productivity levels, but can streamline internal processes for both the front and back offices of your operation.

How can this help the business?

Time tracking reports serve many purposes:

Accurate payroll data

Having accurate time tracking reports allows payroll to be done without the inaccuracies paper timesheets can cause. This provides a good, working document for billable hours and prevents abuse of time.

Shows how fast a project is moving

Time tracking reports can show how quickly a project is moving in comparison to the time schedule set out. A time tracking report will be able to help the project manager determine what areas need more manpower and which ones do not.

Demonstrates how proficient an employee is in a certain area

Time tracking reports can assist the project manager in noting how quickly tasks are done in a particular area and which employees are not performing up to standard.

Helps to remain on schedule

Time tracking reports can be compared with the master schedule to determine if the project is on time and on budget.

Provides real-time data for the project manager

Time tracking reports will be able to give the project manager a daily snapshot of the project’s progress, where it is lagging and what changes need to be implemented. This is also a good tool to keep track of each sub-contractor’s job and how they are doing in comparison to the master schedule.

Provides real-time data for the client

Time tracking reports can show the client how the project is doing, where there may be inconsistencies in the budget and provide a basis for additional recommendations.

It is important to understand that although filled with a variety of elements that all work together, the contracting business should be viewed as a major entity that has to be run just like a major corporation. Every aspect of a successful business has to play a role.

Utilizing time tracking reports can assist in helping the business use protocols that will increase efficiency and productivity while enhancing your brand image. Implementing tools that will project the highest levels of professionalism is a must in retaining and gaining new clientele.